Top 8 Companies in the Global Pharmaceuticals Market

Drug delivery systems involve methods, technologies, formulations, and systems used to provide therapeutic benefits to a patient. These systems play a vital role in escalating a drug's efficacy and safety. Drug delivery systems have several types and serve a range of purposes with multiple advantages including controlled release of drugs, improved patient compliance, targeting abilities, and protection of drugs from degrading, among others.

The pharmaceutical market is expanding, and the major cause of this expansion is the market players participating in all kinds of research activities and clinical trials to introduce new and enhance existing drugs in the market. Increasing emphasis on providing unmet needs for rare diseases and adoption of digital health technologies to boost patient management, and streamline clinical trials is amongst market trends, expected to shape the pharmaceutical landscape in coming years. As per Expert Market Research estimations, the global pharmaceuticals market is poised to expand at a CAGR of 6.20% likely to reach a value of around USD 2466.16 billion by 2032.

Let’s Explore the Profile of Top Companies Leading the Global Pharmaceuticals Market in 2024

1.    Pfizer

Being around for 175 years, Pfizer, a multinational pharmaceutical and biotechnology corporation, dominates the market with its expertise in developing and producing medicines and vaccines for immunology, oncology, cardiology, endocrinology, and neurology. The role of Pfizer’s BioNTech COVID-19 vaccine helped the company to create greater space in the market and expand on a bigger scale. Currently, Pfizer is strengthening their foothold in the market as it has several potential breakthroughs ranging from multiple medical conditions. For instance, potential breakthroughs from Pfizer, currently in the process include ABRYSVO for treating pediatric respiratory syncytial virus infection (Phase 1), and 1L metastatic breast cancer (Phase 1), among several others.

2.    Eli Lily and Company

Eli Lily and Company is an American pharmaceutical company continuing to dominate the market with its innovative drug therapies, specifically in diabetes and oncology. It has innovative insulin delivery systems and biologics. With a focus on personalised medicine and advanced drug technologies, such as auto-injectors and wearable technologies, enhancing patient compliance and therapeutic outcomes, Eli Lily’s strategic collaborations and robust pipeline supports the market domination in 2024.

3.    Bayer

Bayer is a German multinational pharmaceutical and biotechnology company. It serves its expertise in delivery platforms including transdermal patches, oral formulations, and injectable solutions. With a focus on research and development along with partnerships with tech firms to ensure a continuous flow of advancements, Bayer is a notable market leader, working to enhance patient experience and treatment efficacy.

4.    GlaxoSmithKline plc

GSK plc is a British multinational pharmaceutical and biotechnology company. In 2024, the company plans to focus on respiratory and immunology therapies. GSK is a market leader in developing innovative inhalation devices and sustained-release formulae. The company also integrates digital health technologies and investments in next-generation delivery systems solidifying the company’s presence as a leader in providing effective and convenient treatment options for patients worldwide.

5.    AbbVie

Abbvie is an American biomedical pharmaceutical company, combining advanced science with expertise to bring development to the pharmaceutical market with their extensive research in drug discovery for several autoimmune diseases. These autoimmune diseases include rheumatoid arthritis, Crohn's disease, plaque psoriasis, and ulcerative colitis. Humira is AbbVie’s blockbuster drug bringing them most of the revenue. This drug is prescribed by doctors to treat arthritis, psoriasis, and Crohn's disease. With continuous research and development activities by AbbVie, the US FDA approved es SKYRIZI® (risankizumab-rzaa) for Ulcerative Colitis in Jun 2024, expanding its portfolio across inflammatory bowel disease.

6.    Bristol Myers Squibb

It is an American multinational pharmaceutical company, focused on cancer research and manufacturing prescription drugs and biologics in several therapeutic areas, such as HIV/AIDS, rheumatoid arthritis, cardiovascular disease, psychiatric disorders, diabetes, and hepatitis. In May 2024, Bristol Myers Squibb was ranked as one of America's most JUST Companies for responsibly handling their workers, customers, communities, the environment, and shareholders. With a vision and dedication to bring innovation to cancer patients seeking advanced and the latest cancer treatment options, Bristol Myers Squibb’s Augtyro was approved by the U.S. Food and Drug Administration. It is a Next-Generation Tyrosine Kinase Inhibitor (TKI), indicated for the treatment of patients with NTRK-Positive Locally Advanced or Metastatic Solid Tumors. The company is fortifying its presence in the global pharma industry by bringing innovations and better treatments.

7.    Merck & Co Inc

Merck is a research-intensive biopharmaceutical company that has been around for over 130 years. Merck has been playing a crucial role at the forefront of research solutions and delivering innovative health solutions to people such as medicines, vaccines, biological therapies, and animal health products. In March 2024, the US FDA approved a drug from Merck to treat pulmonary arterial hypertension, a rare, progressive, and life-threatening lung condition. In April 2023, Merck Ranked no.1 on the list of Barron’s 100 Most Sustainable U.S. Companies.

8.    AstraZeneca

AstraZeneca holds a significant share in the pharmaceuticals market in 2024 with its advancements in targeted therapies, and innovative drug delivery systems. With a substantial presence in domains like oncology, respiratory and cardiovascular treatments, the company utilises innovative technologies such as nanoparticle delivery and smart inhalers. The company further solidifies its position in the market by strategically collaborating with other market players and investing aggressively in research and development activities. The company continuously develops drugs that are innovative in nature and effective in enhancing patient outcomes. For instance, In June 2024, AstraZeneca’s Farxiga (dapagliflozin) was approved by the US Food and Drug Administration (FDA). This drug has been indicated against glycaemic control in paediatric patients with type-2 diabetes (T2D) aged 10 years and older.